When global energy crises hit, there is one certainty in Ireland and that is that energy prices shoot sky high like a rocket and then take years to drop.

We saw it happen when Russia invaded Ukraine. In fact, there are still people suffering the consequences of that, with 320,000 remaining in arrears on their electricity bills. We are still facing sky-high electricity prices despite the CSO reporting yesterday that wholesale electricity prices are down by 72% since the peak. People in Ireland have not seen a 72% reduction in electricity prices, as we know well.

We are seeing the same happening as a result of the war in Iran, with a near immediate increase in prices at the pump. We welcome the excise reductions the Government is bringing in but how will it make sure there is pass-through such that people see a reduction in petrol and diesel prices from when the measures are introduced and that there will be absolutely no opportunity to price-gouge people in this instance?

The Competition and Consumer Protection Commission is there to ensure fair play in the marketplace. The Government certainly will be keeping a very watchful eye on this issue. If there is not pass-through, that will have implications for any potential future measures we might take in the energy market itself. We will be keeping a weathervane eye on this in the coming days. I take the Deputy's point that prices went up very quickly and they need to come down once the excise duty change works its way through.